sales tax


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sales tax,

levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. It may be levied each time a commodity changes hands—as from manufacturer to wholesaler, from wholesaler to retailer—and is then called a transactions, or turnover, tax. Many oppose the tax as being regressive, i.e., as placing a disproportionately heavy burden on the poor; but it yields a large revenue, and governments find it easy to collect. As of 1999, 45 states, the District of Columbia, a number of cities and counties, and many foreign countries levied sales taxes. A modern variant of the sales tax is the value-added taxvalue-added tax
(VAT), levy imposed on business at all levels of the manufacture and production of a good or service and based on the increase in price, or value, provided by each level.
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References in periodicals archive ?
The step was met with fierce resistance from exporters, who argued the decision will lead to further accumulation of unpaid sales tax refund claims.
It advised the public that "an invoice which does not bear a valid STRN should not include any sales tax amount and if any sales tax amount is indicated, the customer is entitled to demand a sales tax invoice with STRN printed on it."
It has been observed that in many cases, suppliers of goods and services are charging Sales Tax on invoices/receipts without identifying their Sales Tax Registration Number (STRN) on the 'Invoices/Receipts' issued to the customers.
Therefore, they cannot be treated at par with other services regarding which the state can impose sales tax. The bar quoted articles of constitution to support their argument against 16% sales tax.
The total annual turnover of the textile sector is roughly Rs900 billion but the sector paid only Rs32 billion in income tax and Rs16 billion in sales tax, according to a senior member of the FBR.
Illinois also has unique rules concerning which local sales tax applies to a transaction.
The exact implementation of sales tax collection by online retailers still must comply with related court decisions requiring "a substantial nexus with the taxing state."
Sales tax is the city's largest single source of revenue.
To study the links between sales tax changes and consumer behavior, the researchers use data on state and local automobile sales tax rates from 1999 to 2017.
In Louisiana, parishes levy their own local sales tax rates and handle sales tax collections.
'Designated areas' are defined in the Sales Tax Act as Labuan, Langkawi and Tioman - which are duty-free islands.
The Supreme Court decided last weekwith a tie-breaking vote by Justice Neil Gorsuchthat states have the authority to impose a sales tax on purchases made over the internet.